Paraguay considers crypto regulation in 2022

[ad_1]

Cryptocurrency in the South American nation of Paraguay could face new rules in the New Year.

The measure was approved by the Paraguayan Senate last summer. Under the law, virtual assets are defined and a license would be required to mine cryptocurrencies. It will now be considered by the country’s Chamber of Deputies.

The legislation is supported by Senator Fernando Silva Facetti. He said the law aims to recognize virtual asset mining as an industry; establish the foundations to guarantee access to energy and the requirements that promise to formalize the booming sector.

Lawmakers said the law defines tokens, cryptocurrency mining, and virtual asset service providers. If passed, it would provide additional powers to regulate the industry to the Ministry of Industry and Trade, a government agency that would be funded by other organizations across the country to implement the law.

Read more: Paraguayan lawmakers could approve crypto regulations in 2022

In other crypto news, the “top 1%” refers to the richest Americans in the country in terms of income or net worth. Now, a new study has found that major bitcoin holders rule more of the cryptocurrency than wealthier US households control in dollars.

Blockchain analysis of the Bitcoin market by the National Bureau of Economic Research found that 0.01% of bitcoin owners dominate 27% of the currency. The cost of its operation has become so high that only a small group of enterprises at the enterprise level can afford to do so.

The researchers found that the top 10,000 bitcoin accounts held 5 million bitcoins, or $ 232 billion. Since Crypto.com reports that 114 million people globally hold bitcoin, the fraction of major holders controls 27% of the 19 million bitcoin in circulation. In contrast, the Federal Reserve reports that the richest 1% of households hold 33% of all the wealth in the country.

Read more: Bitcoin’s ‘1%’ controls most of the cryptocurrency’s wealth

——————————

NEW PYMNTS DATA: AUTHENTICATION OF IDENTITIES IN THE DIGITAL ECONOMY – DECEMBER 2021

About: More than half of American consumers believe that biometric authentication methods are faster, more convenient and more reliable than passwords or PIN codes; so why less than 10% use them? PYMNTS, working with Mitek, surveyed more than 2,200 consumers to better define this perception gap from usage and identify ways in which businesses can increase usage.

[ad_2]